Complaint / review text:
I've been a Chase Credit card holder for several years. I made one late payment over 3 years ago and saw my APR increase by 3% however I have not made a late payment Chase since then. Therefore I was very surprised when I recently received notice from Chase that "based on a review of my credit report"; my APR would be increasing from 10.74% to 24.24% increasing my minimum monthly payment by $190.00! Why does Chase have the right to double the APR for a customer who has been paying them on time each month? Chase did agree that I could return to the lower APR if I closed out my account, which I did. However also I'm aware that closed accounts have a negative reflection on your credit report. This seems totally unfair.